US dollar technical price outlook: DXY weekly trading levels
- USA Dollar technical trade level update – weekly schedule
- USD the risk of price collapse is high every week
- DXY weekly aid 91,74, 90,93 (bullish repeal) – resistance 93, infringement reveals 93.76 / 88 (key)
The US dollar index rose nearly 0.7% in early August and DXY traded over 92.70 before closing the U.S. on Friday. The advance payment keeps the price below the 2020 target high, and although the broader focus remains constructive, we are looking for a possible price increase even higher for resilience. These are updated technical targets and repeal levels, which are important for the US dollar index’s weekly price schedule. Inspection my last Strategy webinar for its thorough distribution DXY technical setup and more.
US dollar index price chart – DXY per week
Notes: Last month US dollar weekly price forecast we noted that we are expecting exhaustion in front of the DXY 91 handle, “which has a higher violation / weekly closure resistance targets at the end of the annual peak week 93.01 and the low week of 2016 will close at 93.88. The index recorded a weekly high of 93.19 before declining back to the end of July, with prices rising back this week when support was at a 50-week moving average / August 2020 low. 91.75 / 76.
Weekly resistance the goal is an annual high end of the week at 93.01. Exceeding this limit / weekly closing is still necessary to mark the continuation of the 2021 peak 93.43 and 100% extension / 2016 low week closes at 93.76 / 88– Look for a higher price response than it would have received.Failure to delete the July peaks would jeopardize an exhaustive withdrawal here, with the break below the figure and revealing more important support. bullish repeal 61.8% Fibonacci retracement / 2017 low clock 90.93-91.01.
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Bottom line: The The wider May rally in the US dollar could be vulnerable if it is below 93 July opening area shape down. Ffrom a trade perspective, see to reduce the long-term exposure of this long-zone probe / increase the protective stops that violation / closure is necessary to maintain the viability of the long-shift. Ultimately, if the price fails here, a withdrawal may offer more favorable opportunities closer to trend support if the broader outlook is constructive but above 90.93. Post updated US dollar price outlook as we gain further clarity on near-term technical DXY trading levels.
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– Written Michael Boutros, Technical Strategist with DailyFX
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